How do i go about finding commerical property wholesalers in the tampa bay, fl area?
Try starting with high volume residential wholesalers to start. Im sure they can refer you in the right direction.
@kyle. What kind of commercial property are you interested in. Maybe I can help steer you in the right direction in that area.
@Jabbar Thomas I want to focus on multifamily and retail. Or even office.
@Account Closed I have a 11unit apartment in Tarpon Springs, FL let me know if you interested.
Would you share your info on that 11 unit please?
Is it rented? What's he vacancy rate?
Beds and Baths?
What's the cap rate?
Is an Income/Expense report available?
Do you have all the Rent roles?
Are you the listing agent? Wholesaler? Owner?
What's the address?
@Adam Adams If you give me your email I will send all the info with pictures and ALL are rented out. Email will have all info about property that will answer every question for you. My husband and I are wholesaler's.
218 N Pinellas Ave, Tarpon Springs, FL 34689
Monthly rent rolls when fully occupied (only one unit is vacant) is $6,285 = $75,420/year
4- 2/1 @$650
2- Large 1/1 (1 is vacant but has someone is interested in moving in)
One is rented at $595 (vacant)
One is rented at $615
4-Small 1/1 @ $500
1 Efficiency room @ $475 (special discount for friend)
That's a 14% gross cap rate, and a net cap rate of approximately 10-11% depending on how you calculate that. That's a phenomenal cap rate for that area and for something where all the units are in one place. Centrally located, about 2 minutes away from downtown Tarpon Springs, 5 minutes from the World Famous Sponge Docks, Shopping, Dining and entertainment.
Asking Price: $535,000 net
Deposit - $15,000
Is your husband named Greg? This deal has been sent out by other wholesalers a few weeks ago and your post is the identical email he sent, verbatim.
@Brandon M. No. He is a partner working on this with us.
Hi! May I share something with you that most people don't know?
In the apartment world there is no such thing as a "gross cap rate" and "net cap rate" and cap rate will certainly never "depend on how you calculate it".
I think you're confusing those with "Gross Income" and "Net Operating Income".
To find a Capitalization Rate you take the Gross Income and back out ALL of the expenses, I mean every single expense from plumbers, to landscaping, to advertising, management, utilities, to evictions, and even vacancy. Now you have your actual Net Operating Income and can start to calculate a capitalization rate which is likely somewhere around 42k/yr. if you wanted to sell that at a 10% cap rate you'd be selling it for 420,000. If you were looking to sell at a 14% cap rate just do 420,000%.14 and you'd be selling it for 300,000.00
I hope this helps!